During a Sofia workshop, Dan Shomon and the Union for Private Economic Enterprise discussed the global energy crisis and Bulgaria’s energy potential for developing strategic base non-emission capacities.
With the ability to run nuclear facilities, Bulgaria had a strategic advantage that might guarantee regional stability.
The meeting also covered the possibilities for transferring RES technology and storage systems. The USA has long been a global leader in these technologies. By increasing American investment in Bulgaria’s energy sector, Bulgaria will have access to the most cutting-edge storage technology available.
The main objectives preventing Bulgaria from developing its economy quickly were considered to be Corruption and political risk. Political instability is caused by election-related rhetoric that blocks foreign investment in the development of Bulgaria.
The partners discussed Bulgaria’s possibility for anticipatory economic growth through green and digital transformation investments. The operational programmes, the treasury, and the recovery and sustainability plans will allow Bulgaria to handle the crisis and the accelerated economic recovery effectively.
Corrupt practices and their addiction results in uncertainty and inefficiency in government and private sector policies, programmes, and investments. The United States is keenly watching the steps taken to reduce Corruption. Jim O’Brien, director of the US State Department’s Office for Coordination of Sanctions under the Magnitsky Act, recently paid a visit to Bulgaria to give evidence.
Similar forums are expected to encourage the development of trade ties between Bulgaria and the United States of America. By developing relations between American investors and Bulgarian partners for the transfer of technology, know-how, and capital, Dan Shomon and the Union for Private Economic Enterprise hope to build on earlier initiatives taken by the partners.
Dan Shomon has been working with the Union for Private Economic Enterprise for a long time and is a friend of Bulgaria. He wants to show the American investor community that Bulgaria is a decent country with a strong business climate. Due to his efforts, notable American businesses, including some of the world’s top technology corporations, have taken specific initiatives in Bulgaria.